Leafly Holdings, an online cannabis discovery marketplace and resource for cannabis consumers, and Merida Merger I announced that the SPAC entered into a $30 million convertible note purchase agreement with new investors led by Cohanzick Management and affiliates. This supplemental financing, which will close immediately prior to the closing of the proposed business combination between Leafly and Merida, will help to ensure full funding of Leafly’s current multi-year business plan, the companies said.
Merida I also postponed the shareholder vote on the deal, which was set for Friday, to give investors time to evaluate the terms of the additional financing.
The unsecured convertible senior notes come due in 2025. The notes will bear annual interest at a rate of 8%, paid in cash semi-annually in arrears.
Announced in August, the transaction is expected to generate proceeds of up to $161.5 million for Leafly. Read more.
